Selling a Single-Family Home with a Home Owners Association is a major real estate transaction. A residential real estate attorney will protect your hard-earned investment. The Attorneys and Staff at Gateville Law Firm assist sellers and buyers with the purchase and sale of a Single-Family Home with a Home Owners Association.
SELLING A SINGLE-FAMILY HOME
Selling a Single-Family Home is a significant real estate transaction. The Attorneys and Staff at Gateville Law Firm can assist you from the beginning of the signing of the Multi-Board Residential Real Estate Contract 7.0 to the day of closing. The first part of a real estate closing is signing a Multi-Board Residential Real Estate Contact 7.0.
ATTORNEY REVIEW PERIOD AND HOME INSPECTION PERIOD
The first part of the residential real estate attorney process is hiring a good and trusted residential real estate attorneys. Here at Gateville Law Firm, our staff and attorneys are experienced with residential real estate transactions. The first part of the real estate transaction involves the attorney-review period. The attorney-review period is the period of time where modifications to the real estate contract can occur. The attorney-review process is generally five (5) business days after acceptance of the real estate contract.
HOME INSPECTION PERIOD
The home inspection period and the attorney-review period often run at the same time. Generally, a buyer has up to five (5) business days to finalize their attorney-review and home inspection letter. Often times, an extension is required by the buyer’s real estate attorney, which is fairly often. The attorney review and home inspection period generally is concluded or in the process of being concluded up to ten (10) business days after acceptance of the real estate contract.
HIRING A HOME INSPECTOR
Typically, a residential buyer will hire a home inspector that is hired to inspect the single-family home. The role of the home inspector is to report on the major items of a single-family home. Every house has concerns and most of the time the buyers will request the seller(s) to fix certain items or make certain repairs. Furthermore, buyer’s often will consider a credit towards the purchase price in lieu of fixing the items highlighted by the buyer during their attorney-review and home inspection letter.
ROLE OF A SELLER’S ATTORNEY
The Seller’s attorney will negotiate the terms of the attorney-review period and the home inspection period. Generally, the buyer’s attorneys will request certain modifications to the real estate contract such as the following:
- The Title Commitment must be received to the Buyer’s Attorney within 3 business days of closing
- The Seller(s) represent that the property is not located in a flood zone or special flood area
- The Seller(s) represent that there has not been any homeowners’ claims within five (5) years. If there has been a homeowner’s claim then the Buyers will want to know the nature and extent of damage at the single-family home
- The Buyer(s) have the ability to re-negotiate the purchase terms of the property if the home does not appraise for the purchase price
- The Seller(s) represent that all work that has been done has been done with the proper permits
Thus, the seller’s attorney’s role is to educate and negotiate key terms of the real estate transaction. Attorney Sean Robertson is a 15 year experienced attorney and our real estate staff are experienced paralegals, title closers, and legal assistants.
EXPERIENCED AND TRUSTED REAL ESTATE ATTORNEYS Selling a Single-Family Home with a Home Owners Association differs than Selling a Single-Family Home. The Seller’s Attorney will provide the Bylaws, Declarations, and Minutes among other things of the Home Owners’ Association. The Declarations inform the prospective Buyer(s) on any restrictions imposed by the Home Owners Association. Furthermore, the Home Owners Association must inform the Seller’s Attorneys whether there are any fees or due outstanding. Generally, the Seller’s attorney will get a paid assessment letter indicating the balance of the Home Owners Association. The Home Owners Association may also have a right of first refusal to purchase the Single-Family Home, which must be waived. The Attorneys and Staff at Gateville Law Firm will make sure that the real estate closing process is a smooth process. HIRE A REPUTABLE AND TRUSTED REAL ESTATE ATTORNEY AND TEAM At Gateville Law Firm, we understand that teams are stronger than individuals. Our team of attorneys, paralegals, and staff provide an experienced and smooth closing process from the beginning to the end of the real estate closing. We welcome realtor and other referrals as well. We can be reached at 630-780-1034 or via online contact form.